An experienced real estate lawyer can help you navigate a property purchase in the Long Island, NY area. As you shop for the perfect piece of land or single-family home, prepare for a smooth transaction with strategies to avoid common legal issues during this type of transaction.
Invest in Title Insurance
Title insurance protects the money that you put into your home in case someone else has a claim to the property. Additionally, the mortgage company financing your purchase will arrange for a title search, which you pay for as part of your closing costs.
This search looks for any possible liens or claims on the property, including but not limited to neighbor access rights, utility easements, and remodeling restrictions (if you buy a historic building, for example).
Research the Long Island, NY Market
Whether you’re shopping exclusively in Nassau County or all of Long Island, it’s important to get to know the ins and outs of the local real estate landscape.
For example, many properties in Long Island have homeowner’s associations that manage the community and establish regulations for residents. Reviewing the finances and bylaws of this governing organization before you purchase a property can prevent future legal issues. You can avoid neighborhoods that may be unable to maintain common amenities or provide agreed-upon services.
Include a Contract Review Period
When a buyer accepts an offer you make on a property, you’ll sign a purchase contract that details the agreed-upon terms. Your offer should indicate the preference for an attorney review period.
With this clause, attorneys for both the buyer and seller have a specified period (usually five to 10 days) to approve the contract. If your lawyer finds any issues, you don’t have to move forward with the contract as written. Do you have questions about this process? Contact a local real estate attorney.
Work With an Experienced Real Estate Lawyer
Even if this isn’t your first home purchase, real estate regulations evolve quickly. A skilled real estate attorney ensures that your transaction complies with the latest laws and best practices. Meaning you can purchase your home with peace of mind, knowing that you’re legally protected in the best way possible.
What Do Real Estate Attorneys Do?
- They will be aware of potential issues that could impact your purchase and can advise you about possible resolutions when a problem arises.
- A professional who works in your area will be familiar with common issues specific to municipal code, such as zoning issues in a particular neighborhood.
- A real estate attorney can help you pursue available legal remedies if a seller doesn’t properly disclose defects with the property.
- They review the title insurance report to detect and address possible complications, and they also review and explain your legal documents to ensure that you understand everything you sign about your property purchase.
- An attorney will carefully prepare to streamline the process of buying a home or commercial property.
The team at Chiarello & Chiarello has more than five decades of experience advising on local real estate transactions in Long Island, NY, so we have the knowledge to support a smooth process and answer all your questions along the way. Schedule a consultation today and start shopping for your next Nassau County property.
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